According to one Iranian official, there’s one simple step toward alleviating the surge in oil prices, and he’s not the first person to suggest it.
‘The Trump administration is pushing politics into the OPEC, and is aiming at spreading the members and securing their own interests by getting lower prices and so forth. I am telling him, keep quiet, do not do any tweets, and then you will be better off in the prices.’
Trump has slammed OPEC for intentionally inflating oil prices, calling it a “monopoly” and urging it to lower prices.
Kazempour, however, put it back on the White House.
“I think what they are doing actually is (leading to) higher prices because the fundamentals even do not warrant this level of prices,” he said. “If they kept quiet, the prices would be cheaper, I am confident about that.”
Meanwhile, oil prices CLZ8, +0.67% continue their steady climb, rising almost 2% on Monday to $72.14 a barrel. Read:Global oil vaults to 4-year high as producers rebuff Trump’s demand to keep crude prices low.
By SHAWN LANGLOIS – MarketWatch
